Capitaland secures two mall management deals in China
By Charlene Chin
/ EdgeProp |
Singapore-listed property group CapitaLand has secured two new mall management deals in China. The two malls combined will have a total retail space of 1.2 million sq ft.
Mall at The Grand City, Guangzhou (Credit: CapitaLand)
One of the malls is The Grand City, an integrated development in Wanbo CBD in Panyu District, where CapitaLand will be managing the property on behalf of Guangzhou Wan Shun Investment Management. CapitaLand will also oversee part of the asset planning and retail management of the 10-storey mall with a gross floor area of 733,000 sq ft. The mall is slated for completion in 2021.
Besides the retail component, The Grand City has a 266-metre tall Grade-A office tower, two residential towers and an international five-star hotel. The development links directly to Nancun Wanbo Metro Station.
Mall in Qingyang District, Chengdu (Credit: CapitaLand)
In Chengdu, CapitaLand will manage a low-rise shopping mall in Qingyang District, spanning over six storeys with a total floor area of 535,000 sq ft. The mall is less than two kilometres away from Tianfu Square in Chengdu’s city centre. It is within walking distance to metro stations such as Tonghuimen Metro Station; Qingyang Temple Metro Station; and Chengdu University of TCM & Sichuan Provincial People's Hospital Metro Station. The mall is scheduled to open in 2020.
With the new mall contracts, CapitaLand now manages a total of 51 malls in China. “Since announcing in August 2016 our intent to grow our retail footprint through management contracts, CapitaLand has signed 10 agreements with a total GFA of about 5.3 million sq ft,” said Wilson Tan, CEO of CapitaLand Retail.
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